Ethereum: FTX hacker enters top 50 ETH whales

The havoc of FTX continues – The FTX trading platform is at the heart of an unprecedented turmoil. Thus, in parallel with its bankruptcy caused by a chaotic management of funds, it was the victim of a hack. More 400 million dollars were stolen. From now on, this hoard makes the hacker one of the biggest whales of Ethereum.

Hack and convert funds from FTX

On November 12, in parallel with its situation of compulsory liquidation, the FTX platform was the target of a major hack. In total, more than $400 million in various cryptocurrencies were stolen.

In practice, the circumstances of the hack are like the FTX affair: extremely vague. Indeed, the hacker managed to steal funds stored on a cold wallet. An amazing maneuver knowing that these wallets are specifically used for their security and their lack of connection with the network. This situation has obviously given rise to many theories, including one that FTX is said to be behind its own hack.

Anyway, the hacker seems to keep his calm. Indeed, although the platform Kraken reportedly managed to identify the attackerthis one does not seem worried.

Thus, this one has quietly converted the fruit of his theft into DAI before switching it to ETH. As specified by the company PeckShield, the attacker converted a total of 48.27 million DAI against 37,570 ETH.

PeckShield reveal striker conversions – Source: Twitter

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FTX hacker: a new whale on Ethereum

In addition to the 37,570 ETH obtained after converting the various cryptocurrencies in his possession, the attacker had also stole hundreds of thousands of ETH on FTX.

In total, the attacker currently has 228,523 ETH or approximately $283 million at the current price. These funds are supplemented by $14 million in the form of various ERC-20s.

He stole such a sum on FTX that he is now the 35th largest ETH holder of the network.

FTX hacker is the 35th largest holder of ETH.
FTX hacker is the 35th largest holder of ETH.

A situation that could prove to be dramatic in various scenarios.

Initially, he could deposit the funds in staking, thus blocking them on the beacon chain until the implementation of the withdrawals. Thus, the funds could not be recovered in the event of an arrest and used in the liquidation proceedings of FTX.

Secondly, it could massively resell Ethers, leading to a fall in the ETH price. This fall could be the cause of a liquidation cascade that is extremely harmful for the DeFi ecosystem.

Certainly catastrophic situations, but which would also impact the attacker.

On his side, the Solana ecosystem is also impacted by the FTX crash. Indeed, the links between layer 1 and the exchange platform could well cause significant damage within its ecosystem.

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